In this morning’s bitcoin price watch piece, we noted the levels that we would be looking at for today’s session. We slated quite a wide range (about $10 versus our standard $4-6) meaning we could bring our intrarange strategy into play, in combination with our standard breakout strategy. The European session has now matured, and as we head into a fresh Asian session this evening, what are we looking at and how did today’s strategy play out? Take a quick look at the chart.
As you can see, we have slightly altered today’s range to accommodate the bitcoin price action seen during Europe. We initially ran through resistance to hit intraday highs of 342 flat, but have since corrected to where we now trade (circa 337). In term resistance sits at intraday highs of the aforementioned 342, while in term support remains in place from earlier today, at 329.23. These are the two levels to watch going forward tonight.
We will initially look for a break above in term resistance to validate a short term bullish entry towards an upside target of 346 flat. On this one, a stop loss somewhere around 338 flat will ensure we are taken out of the trade for just a small loss in the event that we turnaround and trade back within our range.
Looking at things from an intrarange perspective, if we touch resistance and break back down towards support (a downside correction) we will look to enter short towards in term support, with a stop loss just the other side of resistance.
A break below in term support will put us short towards a downside target of 319.98, with a stop at 332 flat defining our risk.
Charts courtesy of Trading View
